(Jaxon Lang, AFL President and CEO (Front), (Left to Right) Naoki Okada, Director, President and CEO Fujikura Ltd. and Jaroslaw Zieba- Deputy Mayor of Gliwice.

Photo: Business Wire)

AFL Celebrates Opening of its Poland Manufacturing Facility

Consistent Demand Keeps Columbia Office Market Stable

The Columbia office market continues to outperform national office market trends, with steady demand for both downtown and suburban spaces boosting absorption and vacancy remaining low, according to a 24Q2 report from Colliers, the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. 

The report said the market has largely stabilized relative to the national office environment as larger tenants have mostly returned to the office and maintained or renewed their leases.

It said state government remains a strong driver with 216,000 square feet of new construction preleased to state agencies expected to deliver early in the third quarter, and additional state government absorption is anticipated within the Class A market.

Overall, interest throughout the market remains steady with rates increasing across all classes, and a continued flight to quality is expected as tenants upgrade to higher-quality buildings and spaces, Colliers researchers said.

They said total inventory remained flat at 13,856,783 square feet. However, 236,250 square feet are under construction with expected delivery through the end of 2024.

Vacancy decreased to 14.71 percent as net absorption increased to 5,689 square feet and overall Class A lease rates increased to $22.16 per square foot.

Also according to Colliers:

Owner-user demand, particularly under 20,000 square feet, remains strong as local firms adjust to limited new product and high tenant improvement costs.

Counter to national trends, suburban markets saw the greatest absorption as spaces in Class A Central Business District buildings became available.

CBD availability remains concentrated in mid-sized spaces and larger as employers reevaluate their real estate requirements, providing excellent opportunities for tenants seeking to provide their employees with high-quality amenities and newer spaces.

Goodwill, Urban League Unite to Cultivate Future Filmmakers with Innovative Film Academy Launch

Goodwill Industries of Upstate/Midlands South Carolina (GIUMSC) and Urban League of the Upstate (ULUS) signed an MOU at PRONK Studios on July 9, 2024, to announce the launch of their new Film Academy, the latest addition to GIUMSC’s Innovation Institute.

Officials said the new program joins the ELEVATE Drone Pilot Training Program and the Tech Academy, further expanding Goodwill's commitment to providing innovative education and career pathways.

The Film Academy is designed to equip learners with the skills and knowledge necessary to break into and thrive in the competitive world of television and film.

The four-week course, offered in partnership with ULUS, introduces participants to essential industry skills and technologies. Participants explore multiple career pathways, including 3D Gaffing, Environmental Design, Virtual Production Support, and Optitrack Operator.

The program is held weekly in Greenville, South Carolina, and includes a training stipend for all participants.

"Too many American workers remain unemployed even though jobs in the IT industry are available due to an inadequate supply of appropriately trained workers. The ULUS has been focused on the SC film industry workforce for past two years and research we commissioned tells us that Generative AI and AI tools have also impacted almost every single core business and function of the film industry,” said Urban League President and CEO Gail Wilson Awan.

She added, “Through our collaboration with Goodwill, we are going to ensure that the Upstate region has the diverse, well-trained creative, tech savvy talent needed to the current and future demand." 

The Film Academy offers a comprehensive curriculum designed to prepare participants for various roles in the industry. Upon completing the course, graduates will equipped for internships, apprenticeships, and job opportunities within the film industry in South Carolina.

"We are thrilled to launch the Film Academy in partnership with Urban League as part of our Innovation Institute," said Pat Michaels, president and CEO of GIUMSC. "This program is a unique opportunity for individuals to gain valuable industry skills and open doors to a variety of exciting career paths in the film and television industry."

Officials said the new offering is designed to create accessible and lucrative career opportunities for the community, continuing Goodwill’s mission of empowering individuals through education and employment.

Dominion Energy South Carolina, South Carolina Office of Regulatory Staff, Intervenors File Comprehensive Settlement of General Electric Rate Case

Dominion Energy South Carolina, Inc. (DESC), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), together with other parties of record, submitted a comprehensive settlement agreement in DESC's pending general electric rate case for approval by the Public Service Commission of South Carolina (PSC). 

The settlement includes all parties signing on or not opposing.  The requested rate increase to base rates is the first in nearly four years. 

Officials said that since 2019, DESC has added approximately 40,000 new electric customers to its system and invested $1.6 billion in its electric system to provide reliable, affordable and increasingly clean energy to power its customers every day.

DESC and intervening parties will present the settlement to the PSC at a hearing scheduled to begin July 15. 

After a thorough review, DESC expects the PSC to make the final decision and adjust rates as appropriate. 

If approved by the PSC, the proposed settlement would allow DESC to recover some of the rising costs of investments needed to keep its plants running, systems reliable and grid secure while also listening to concerns of customers and other stakeholders.

Key components of the proposed settlement, which requires PSC approval, provide significant customer benefits:

* Starting Sept. 1, the bill of a typical residential customer using 1,000 kilowatt-hours of electricity per month would be approximately $148 – a level that ensures residential rates remain below the national average.

Compared to rates at the time of the original request in March and offset by the fuel cost reduction and other factors, the settlement's rate request would represent a net 1.0 percent increase for a residential customer's electric rate.

* A one-time bill credit of $7.5 million funded by shareholders would be applied this year for residential and small general service customers.

* The Neighborhood Energy Efficiency Program budget would increase by $3 million in shareholder funds over five years beginning in 2025.

The proposed settlement also supports:

* An authorized return on common equity of 9.94 percent.

* A regulatory capital structure of 52.51 percent equity and 47.49 percent debt.

* A revenue increase of $219 million, representing about 28 percent less than the original request of $303 million in March.

There is no change to Dominion Energy's existing financial guidance.

Intervening parties have engaged with DESC for several months to reach the settlement agreement. They include the South Carolina Office of Regulatory Staff, the South Carolina Department of Consumer Affairs, South Carolina Energy Users Committee, Frank Knapp, Jr., Southern Alliance for Clean Energy, Coastal Conservation League, CMC Steel, Walmart, the U.S. Department of Defense and all other federal executive agencies.

More than 4.5 million customers in 13 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. 

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